Treasury Operations in China Increase Focus on Centralisation and Technology
A recent survey conducted by EuroFinance Research Services, in collaboration with SunGard, has found that Chinese companies are expanding the role of the treasury to support overall company growth, preserve capital and manage risk. The report, ‘Treasury’s Future in China: Time to Act?’, illustrates the need for treasury departments in China to centralise and streamline treasury activities in order to help improve visibility, lower operating costs and extend resources.
Three trends in China that are driving adoption of treasury technology:
Huang Xiaofeng, general manager, treasury department, CNOOC, China’s largest producer of offshore crude oil and natural gas, said: “At the end of 2008, we made the decision to centralise the treasury operation of CNOOC. By improving automation through the treasury management system, we have reduced the need for staff to spend time on routine tasks, so they can be more profitably employed on skilled activities. It is easier to monitor the company’s cash, and management reporting can be produced more quickly and accurately.”